Sainsbury's boss and retail union warn 17,000 shops face closure without business rates reform

The No 1 barrier to growth in our industry is the outmoded business rates system. Previous adjustments have failed to address core issues, leading to shop closures and job losses.

A 20% reduction in business rates could save retailers £1 billion in the first year, safeguarding 17,000 jobs. Despite initial tax revenue loss, positive economic returns for the government are predicted.

Without reform, 17,300 stores could close by 2033-34, with an average of 15 closures per town in England, potentially resulting in the loss of 42,000 jobs.

While not a 'silver bullet,' business rates reform is crucial for addressing the economic challenges faced by the retail sector.

Read at Business Matters